Full Tilt Share Holders Lay Claims to Seized Funds

Share holders and board members of Full Tilt Poker, Rafe Furst and Howard Lederer laid claims to the funds which the US Department of Justice (DOJ) seized after the Black Friday incident. Both took the same path followed by their fellow board members, Ray Bitar and Chris Ferguson, who claimed $98 million from the seized funds a few weeks ago. Legal documents have been filed by Furst and Lederer with the court, to claim their money.

Furst Claims Ownership over Telamonian Ajax Trust Property

In the case filed by Furst, it was stated that he owns a portion of the property held by the Telamonian Ajax Trust which also includes funds present in the Trust’s bank accounts. Howard Lederer on the other hand, laid claims to funds in two bank accounts. One is with Wells Fargo Bank and the other with Lloyds TSB International in Isle of Man. However, the amount claimed by either has not been mentioned by any of the board members.

Fergusson Laid Claims to $98 Million Earlier this Year

Early this year, Chris Ferguson claimed $98 million from the seized funds. The money was seized by the Justice Department as the operations carried out by two Full Tilt run companies violated the Unlawful Internet Gambling Enforcement Act it passed in 2006. Fergusson stated that a portion of the seized funds was about to be transferred to the accounts held by Full Tilt players.

Chris Ferguson’s claim is expected to be withdrawn as it is holding back the take over deal between Full Tilt Poker and Groupe Bernard Tapie from being finalized. The investor can facilitate the purchase deal only if it is approved by Full Tilt shareholders and the claims to seized funds are withdrawn.

Full Tilt Players Yet to Receive their Funds

Former players of Full Tilt Poker have not yet received their funds. According to Full Tilt Poker attorney, Jeff Ifrah, players are hesitant to claim their money as they fear that the government will impose extra taxes on them. On behalf of these players, Jeff Ifrah requested the US government to allow Full Tilt players to have their money back without being taxed.

Full Tilt Poker owes as much as $150 million to its players. The government is still undecided on the amount that is going to be distributed. According to Jeff Ifrah, there is no guarantee whether funds will be returned at all.

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